Forex & commodities on March 21, 2018: outlook

Thoughts

Oil is starting to breakout from its consolidation range. A potential bullish sign.

The U.S. Dollar, gold, and silver are still consolidating in a range. Prepare for a breakout/breakdown.

3 am: Oil is starting to breakout from its consolidation range. A potential bullish sign

Oil has been stuck in a consolidation range for weeks. It is finally starting to break out.

Oil’s pattern is starting to become bullish. It is making higher lows. We will have confirmation that oil’s rally has begun once oil breaks above $64.3. A break above $64.3 means that the bullish pattern of “higher highs and higher lows” is back in place.

Oil’s breakout from this consolidation range is a potential bullish sign so far.

3 am: the USD, gold, and silver are still consolidating in a range. Prepare for a breakout/breakdown.

The U.S. Dollar is still hovering around its 50sma resistance without a clean breakout. Its range continues to get narrower.

Likewise, gold and silver continue to hold on their multi-week support. Watch out for a breakdown in precious metals.

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